Brokerages Set Iris Energy Limited (NASDAQ:IREN) Target Price at $20.40

Iris Energy Limited (NASDAQ:IREN) has been assigned a consensus recommendation of “Buy” from the twelve ratings firms that are presently covering the company, MarketBeat Ratings reports. One research analyst has rated the stock with a hold recommendation, ten have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month price target among brokerages that have issued a report on the stock in the last year is $20.40.

A number of analysts recently weighed in on IREN shares. BTIG Research began coverage on shares of Iris Energy in a research note on Friday, December 20th. They set a “buy” rating and a $33.00 price target for the company. Needham & Company LLC reissued a “hold” rating on shares of Iris Energy in a report on Thursday, February 13th. B. Riley upped their price objective on Iris Energy from $15.00 to $16.00 and gave the company a “buy” rating in a research note on Thursday, December 19th. Canaccord Genuity Group lifted their target price on Iris Energy from $17.00 to $23.00 and gave the company a “buy” rating in a research note on Thursday, February 13th. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $23.00 target price on shares of Iris Energy in a report on Thursday, February 13th.

Iris Energy Price Performance

Iris Energy stock opened at $5.63 on Friday. The stock has a 50-day simple moving average of $8.38 and a 200-day simple moving average of $9.92. Iris Energy has a fifty-two week low of $4.15 and a fifty-two week high of $15.92.

Iris Energy (NASDAQ:IREN) last issued its quarterly earnings data on Wednesday, February 12th. The company reported $0.09 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.13. Iris Energy had a negative return on equity of 3.98% and a negative net margin of 17.94%. On average, research analysts anticipate that Iris Energy will post 0.43 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Iris Energy

A number of hedge funds and other institutional investors have recently bought and sold shares of IREN. Charles Schwab Investment Management Inc. increased its holdings in shares of Iris Energy by 8.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 362,026 shares of the company’s stock valued at $3,055,000 after purchasing an additional 29,311 shares in the last quarter. State Street Corp grew its position in Iris Energy by 62.2% during the third quarter. State Street Corp now owns 79,759 shares of the company’s stock worth $673,000 after buying an additional 30,576 shares during the period. Wellington Management Group LLP increased its holdings in Iris Energy by 28.3% in the third quarter. Wellington Management Group LLP now owns 36,651 shares of the company’s stock valued at $309,000 after buying an additional 8,092 shares in the last quarter. Kovitz Investment Group Partners LLC acquired a new stake in shares of Iris Energy during the 3rd quarter valued at approximately $927,000. Finally, Geode Capital Management LLC boosted its stake in shares of Iris Energy by 56.3% during the 3rd quarter. Geode Capital Management LLC now owns 735,071 shares of the company’s stock worth $6,204,000 after acquiring an additional 264,883 shares in the last quarter. Institutional investors and hedge funds own 41.08% of the company’s stock.

About Iris Energy

Iris Energy Limited owns and operates bitcoin mining data centers. The company was incorporated in 2018 and is headquartered in Sydney, Australia.